A Quick Guide to HDFC Life Sanchay

There are hopes and objectives that you establish for yourself and your family as you progress through life's phases. You must also take care of day-to-day tasks such as running the family, paying for health care, children's school tuition, and so on. With increased life uncertainties, it is critical to establish a source of income that covers these expenditures, especially after retirement or in the event of an untimely death. A Life Insurance policy provides financial security against such unforeseeable calamities. To assist you in achieving your objectives, we propose "HDFC Life Sanchay Par Advantage," a life insurance solution that allows you to live an uncompromised life while guaranteeing the future of your family and leaving a legacy for them.

HDFC Life Sanchay Features  

Let's go through the features of HDFC Life insurance for Life Sanchay plan.

• Flexibility: The insured inside the HDFC Life Sanchay has the option of claiming the assured benefit in the form of recurring income or a lump sum payment.
• Long-term Income Option: This plan offers a long-term income option in which the insured can receive guaranteed income for a specified time of 25 to 30 years.
• Assured Returns: With this plan, the insured obtains guaranteed returns while being sheltered from market dangers.
• Rider Choices: By paying an additional premium money, you may increase the HDFC Life Sanchay coverage and select the rider options.

HDFC Life Sanchay Advantages

Given that HDFC Life Sanchay has four distinct plan choices, let's have a look at the benefits provided by the two plans:

• Option for Guaranteed Maturity
• Option for a Guaranteed Income
• Option for a Lifetime Income
• Option for Long-Term Income
• Option for Guaranteed Maturity

Option for Guaranteed Maturity

• Maturity Benefit- The maturity benefit provided by the insurance is equal to the guaranteed sum promised amount plus accrued guaranteed additions at maturity. The maturity benefit provided by the insurance as a guaranteed sum is the entire yearly premium paid under the policy during the premium payment duration.
• Death Benefit- If the insured individual dies during the policy's term, a death benefit equal to the sum guaranteed amount is given to the policy's beneficiary. The nominee receives the sum promised equal to the greater of 10 times the yearly premium or 105 percent of the total premium paid or The total sum promised that will be paid out in the event of death.
  

Option for a Guaranteed Income

• Maturity Benefit- If the insured lives the whole term of the policy, the maturity benefit is given as a guaranteed income for a defined term of 10-12 years, providing all insurance premiums have been paid in full. 
• Death Benefit- If the insured individual dies during the policy's term, a death benefit equal to the sum guaranteed amount is given to the policy's beneficiary. The nominee receives the sum promised equal to the greater of 10 times the yearly premium or 105 percent of the total premium paid The accumulated premium is paid at a rate of 5% each year, compounded yearly. 

Option for a Lifetime Income

• Maturity Benefit- If the insured lives to the end of the policy's term and pays all of the premiums on time, the maturity benefit is provided to the insured as a guaranteed income up to the age of 99 years, with a refund of all premiums paid at the conclusion of the policy's payout period.
• Death Benefit- In the case of the insured person's untimely death within the policy's term, a death benefit is given to the policy's beneficiary. The highest of 10 times the yearly premium or 105 percent of the total premium paid or, Accumulated premium paid at a rate of 5% per year, compounded annually, Total sum insured amount to be paid on death

Option for Long-Term Income

• Maturity Benefit- If the insured lives to the end of the policy's term and pays all of the premiums on time, the maturity benefit is provided to the insured as a guaranteed income for a specified period of 25-30 years, with a refund of all premiums paid at the conclusion of the policy's payout period. 
• Death Benefit- A death benefit is given to the policy's beneficiary in the case of the insured person's untimely death within the policy's term. The death benefit is equal to the greater of 10 times the yearly premium, 105 percent of the total premium paid, or the accumulated premium paid at a rate of 5% per year compounded annually. The total sum promised is the amount that will be paid out in the event of death.
• Tax Deduction -The insured can benefit from tax exemption under HDFC Life Sanchay Plan. The maturity procedure and premium paid towards the insurance up to a maximum limit of Rs.1.5 lakh are tax-free under the Income Tax Act 1961 sections 10(10D) and 80C.

Conclusion

It is critical to have adequate financial planning in order to reach major life milestones. These anniversaries are frequently accompanied by additional costs and obligations. As a result, it is critical to secure adequate financial stability in order to attain one's short-term and long-term goals in life. HDFC Life Sanchay Plan is best suited for people who desire to benefit from regular returns as well as insurance coverage. 

Also read: 

Advantages Of Money Back Policies Which Makes It A Must Have

How Can You Save Tax With Money Back Plan

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.